RailTel Share Price Gains Over 8% To Hit Two-Week High On Order Win
RailTel share price surged over 8% to a two-week high of Rs 441.9 apiece.
(Source: RailTel/X)
RailTel Corp. Ltd.'s share price advanced to nearly two-week high on Wednesday after it received an order worth Rs 79.8 crore from the Maharashtra Housing and Area Development Authority. The project needs to be executed by Jan. 15, 2025, according to an exchange filing on Tuesday.
The order involves providing cloud hosting and managed service to set up, migrate, and manage data centre and disaster recovery site for MHADA on cloud.
RailTel is one of the largest neutral telecom infrastructure providers in the country owning a pan-India optical fiber network.
Previous Order Wins of RailTel
Last month, RailTel received an order worth Rs 156 crore from the Maharashtra Rural Development. The Rs 156-crore order involved operationalisation of ASSK-GP projects in Konkan, Pune, and Nashik regions.
On Sept. 2, the telecom infrastructure provider was awarded the 'Navratna' status, making it the 22nd central public sector enterprise to achieve this prestigious designation. The top public sector undertakings in India, distinguished by their financial and operational prowess, are considered Navratna companies.
RailTel Share Price Movement
RailTel stock has risen 145% in the last 12 months and 211% on a year-to-date basis.
Shares of RailTel surged over 8% to a two-week high of Rs 441.9 apiece. The stock was trading 7% higher at Rs 436.9 by 10:10 a.m., compared to a flat benchmark Nifty 50.
The stock has risen 95% in the last 12 months and 29% on a year-to-date basis. The total traded volume was 8.7 times its 30-day average. The relative strength index was at 49.
Two analysts tracking RailTel have a 'sell' rating on its stock and one has a 'buy', as per Bloomberg data. The average of 12-month analysts' price target of Rs 277.5 implies a potential downside of 36%.
RailTel is among other railway pack companies that were trading in the green on Wednesday. BEML Ltd. was another gainer, after it bagged a deal to build India's first set of bullet trains.
